Switcheo Network Provides Users With Cross-Chain Trading: A Detailed Overview of the Platform
Blockchains compete with each other to create user-friendly platforms that best meet the needs and demands of users working with cryptocurrencies. In this article, we will talk about the modern Switcheo blockchain platform and explain how it works.
What is Switcheo Network?
Switcheo is a well–designed, user friendly decentralized exchange that allows you to exchange assets between three blockchains using smart contracts: Ethereum (ERC-20), Neo (NEP-5). Thanks to this, users do not need to trust their assets to crypto exchanges, and their funds do not leave their wallets. In addition, traders do not need to pass verification (KYC), compromising their privacy, and there are no limits.
Unlike centralized trading platforms (CEX), Switcheo exchange is resistant to hacks since it does not have a single data center and does not store user assets. Even if the attackers manage to somehow hack the crypto exchange, they will not be able to access the traders’ funds. Currently, the platform is used by more than 42,000 customers worldwide.
You don’t need to register for an account on the exchange to start trading. Users just need to connect their cryptocurrency wallet. Ledger, Trezor, Metamask, Scatter and other wallets are supported. The DEX also offers an option to create an account on the blockchain if the trader does not have a wallet.
Some features of the Switcheo Network Platform:
- Security through full decentralization and additional security measures: 2FA and email verification;
- Autonomous transactions via Ethereum (ETH), NEO, BTC & USD (stablecoins) and smart contracts;
- Cross-chain trading.
- Simple and intuitive web interface.
- Instant order processing using an off-chain matching system — https://stake.is/6h;
- Proprietary crypto wallet that supports multiple blockchains;
- Anonymity and accessibility from anywhere in the world: no need to confirm your identity. Many CEX exchanges prohibit trading for traders from the United States and some other countries. Switcheo does not have these restrictions.
- Low trading fees: 0% for purchase and 0.2% + network fee for sale.
Proprietary SWTH token and staking mechanism
Unlike many other DEX platforms, Switcheo has released its own SWTH token and supports staking, due to which holders can additionally earn income by launching their own validator or delegating tokens to a validator, for example, Everstake.
SWTH serves as a utility token and is used to reduce fees, similar to Binance Coin (BNB) — a cryptocurrency from Binance. If a trader pays a sale fee with SWTH tokens, it is reduced to 0.15%. The SWTH token is issued on the NEO blockchain and supports the NEP-5 standard. Paid fees are burned, as a result, the larger the trading volume of the crypto exchange, the greater the shortage of cryptocurrency.
Technical features of the SWTH token according to CoinMarketCap:
- Price: $0,03 USD
- The total supply: 983 988 072 SWTH
- Current supply 827 955 082 SWTH
- Market capitalization: $27 699 150
- Rank: #189
Everstake’s role in the Switceo Network ecosystem
Everstake is a validator in the Switcheo network. Validators confirm transactions and add new blocks, for which they receive rewards in network tokens. Its stability determines what kind of reward will be received by stakers who delegate their coins.
The Everstake team’s highly qualified FINTECH and blockchain specialists are working to ensure that awards are delivered to delegates on time and in full. You can use the calculator on the Everstake website to calculate the possible revenue from Switcheo staking. On the same page, you will find the address of the Everstake validator if you want to delegate your SWTH tokens to it and earn revenue.
- It is a reliable and time-tested validator. Everstake partners with major blockchains such as ChainLink (LINK), Tezos (XTZ), and Cosmos (ATOM).
- Everstake is constantly working on improvements and offers stakers a convenient monitoring system.
- Low fees.
On our website you will find instructions on how to delegate your SWTH tokens. Everstake validator address in the Switcheo blockchain network:
We have already been delegated more than 8 million tokens! Join our community and stake tokens with a reliable and proven validator.
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